Dockwise Ltd : Dockwise to extend preference shares

BREDA, THE NETHERLANDS--(Marketwire - Sep 17, 2012) - DOCKWISE Ltd. today announces that
it agreed with HAL Investments B.V. ("HAL") on the extension of the
preference
shares that were issued to HAL in May 2012.

Dockwise has acquired almost 100% of the shares in Fairstar Heavy Transport
N.V.
("Fairstar") and is preparing a buy out and delisting of the Fairstar
shares. To
finance the acquisition of Fairstar, Dockwise raised approximately USD
300
million by issuing USD 250 million in common shares and USD 50
million in
preference shares by means of bridge equity. The preference shares were
issued
to HAL with an option for Dockwise to redeem such shares in cash at any
time
prior to 1 October 2012 or to convert these preference shares into common
shares
after 1 November 2012.

Dockwise is preparing a refinancing of the existing debt facilities of
Dockwise
and Fairstar which is expected to be realized in the course of 2013.
Considering
this together with the discovery of the third new build vessel at
Fairstar and
ongoing discussions with the yard on the final design and conditions of
contract
for this new build, Dockwise and HAL have agreed to amend the terms of
this
bridge facility, subject to a Special General Meeting of Shareholders
Dockwise
having approved an amendment of Schedule 1 to the
Bye-laws of the Company
("Schedule 1").

These changes to Schedule 1 constitute an extension of the bridge facility
until
May 2013, under the same terms and conditions as approved at the 9 May 2012
AGM,
with Dockwise getting the option to start the execution of the
(partial)
conversion of the preference shares into new common shares in
Dockwise as
described in article 5 of Schedule 1 during windows in December 2012,
March
2013 and May 2013 and with Dockwise and HAL having the option to modify
and/or
extend the relevant dates and periods with a maximum of 12 months (until
June
2014) with mutual consent.

About Dockwise Ltd. / Dockwise Group

Dockwise Ltd., a Bermuda incorporated Company, has a workforce of more
than
1,300 people both offshore and onshore. The Company is the leading
marine
contractor providing total transport services to the offshore,
onshore and
yachting industries as well as installation services of extremely heavy
offshore
platforms. The Group is headquartered in Breda, the Netherlands. The
Group's
main commercial offices are located in the Netherlands, the United
States and
China with sales offices in Korea, Australia, Brazil, Russia,
Singapore,
Malaysia, Mexico and Nigeria. The Dockwise Yacht Transport business
unit is
headquartered in Fort Lauderdale and has an office in Italy. The
Dockwise
Shipping network is supported by agents in Norway, Argentina and Italy.

To support all of its services to customers, the group also has three
additional
engineering centers in Houston, Breda and Shanghai, manufactures specific
motion
reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating
Units)
and operates a fleet of 24 purpose built semi-submersible vessels
(including MV
Dockwise Vanguard and MV Finesse).

Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK
and on
NYSE Euronext Amsterdam under ticker DOCKW.